#EURJPY @ 150.841 maintains a bullish outlook, on its weekly high around 150.80.

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• EUR/JPY maintains a bullish outlook, on its weekly high around 150.80.
• Tokyo Consumer Price Index (May) came in below consensus as well as previous values.
• Gross Domestic Product figures from Q1 from Germany came in surprisingly weaker than expected.

The EUR/JPY pair maintains its gains, continuing its upward trajectory for the third consecutive day. Currently, it is oscillating above the significant 150.00 level, signaling a strong bullish sentiment. Despite the recent weakness in Germany’s Q1 Gross Domestic Product figures, the pair maintains a positive outlook, even reaching its weekly high around 150.80. However, it is essential to consider the impact of the Tokyo Consumer Price Index (May), which has recently disappointed, falling below both consensus expectations and previous values. Consequently, bond yields have declined, on expectations the Bank of Japan (BoJ) will maintain its age-old ultra-loose stance on interest rates.

German yields have weakened across the curve. The 10-year bond yield experienced a decline to 2.52%, resulting in losses of 0.72% for the day. Similarly, the 2-year yield stands at 2.96% with losses of 0.6%, while the 5-year yield is at 2.54%, showing losses of 0.72%.

In addition, the Japanese yields have also weakened across the curve. The 10-year bond yield dropped to 0.41%, resulting in significant losses of 1.66% for the day. Furthermore, the 2-year yield stands at -0.07% with losses of 3.91%, and the 5-year yield is at 0.10%, showing substantial losses of 8.02% respectively.

The EUR/JPY has a bullish outlook for the short term, as per the daily chart. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both in positive territory and the pair trades above its main moving averages, indicating that the buyers are in charge.

In case the EUR/JPY exchange rate continues to gain traction, the following resistance levels line up at the psychological mark of 151.00, followed by the monthly high at 151.60 and the 152.00 zone. On the other hand, immediate support for EUR/JPY is seen at the 150.00 level, followed by the 149.20 zone and the 20-day Simple Moving Average at 148.97.

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